|Loan amount||Up to 80% of Property Value|
|Rate of interest||7.50% onwards|
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 699 Per Lakh|
|Foreclosure Charges||Nil for floating rates|
|Penal Interest Rate||2% per month|
Established in the year 1918, Saraswat Bank has been sufficing the financial needs of its customers. Fighting all odds through a century, Sarawat Bank is one of the largest urban cooperative banks catering to a large sector of the country’s population. The bank has been upgrading the technology while keeping the tradition intact. Besides several retail and commercial products, the bank also offers various digital services as well. Among the retail products, Saraswat Bank Home Loan has gained popularity owing to the attractive interest rates, flexible repayment options and various schemes under the product.
Also Read - Home Loan Tax Benefits
Saraswat Bank offers home loans at an interest as low as 7.50% p.a, which is also among the lowest prevailing rates in the market. The bank also provides options for home loans like Vastu Siddi Home Loans or Pradhan Mantri Awas Yojana that is specially meant for the low and middle-income groups with interest subsidies proportionate to the loan value. The maximum repayment period for the Saraswat Home Loan will be 30 years. A substantial amount of up to Rs.70.00 lakhs or 85% of the project cost, along with stamp duty and registration charges, will be provided.
Also Read - 7 Best Home Loans for Pensioners
Saraswat Bank Housing Loan is not only the most economical loan prevailing in the market, but there are various other reasons to choose the home loan.
Check for 50 lakh home loan EMI and apply easily on MyMoneyMantra.
The following are some of the salient features of the Saraswat Bank Housing Loan.
The benefits of Saraswat Bank Home Loan are:
Also Read - Tax Benefit on Second Home Loan
The following are the Saraswat Bank Home Loan Processing fees and other charges:
For loans that are availed at a floating rate of interest by individuals: Nil
Also Check - Check for 25 lakh home loan EMI and apply easily on MyMoneyMantra.
The Saraswat Bank Home Loan Interest rates given below are valid up to 31st December 2021
|Loan Amount||Credit Score above 750||Credit Score less than 750 till 700/-1/0||Credit Score below 700|
|Up to Rs. 35.00 lakhs||7.50%||8.00%||8.50%|
|Above Rs. 35.00 lakhs and up to Rs. 70.00 lakhs||8.15%||8.50%||8.60%|
|Above 70 lakh up to 140 lakh||9.00%||9.50%||9.60%|
Also Check - 20 Lakh Home Loan EMI Interest Rate
The following are the eligibility criteria for Saraswat Bank Home Loan.
Also Check - Home Loan Eligibility of All Banks
Saraswat Bank provides various types of home loans, the details of which are given below.
|Purpose||For purchase of ready built house/flat, for construction of a house, for the repurchase of a house/flat and for transfer of home loan from other financial institutions.|
|Quantum of loan||The maximum loan amount will be Rs. 70.00 lakhs|
|Basis of Advance|
1.85% of the project cost plus stamp duty and registration charges
2. 70 times the average net take-home salary for the last three months in
the case of salaried individuals with a credit score over 750 and 65
times the average net take-home salary for the last 3 months in the
case of salaried individuals with a credit score less than 750.
5 times the average gross accruals for the last 3 years in the case of
The lesser of 1 and 2 will be considered.
The project for construction will be the cost of the land plus construction. The cost of the land should not be over 65% of the total project cost and the construction should be completed within 2 years
The project cost for the repurchase of a house/flat will be the Agreement cost or the market value whichever is lower.
|Rate of interest||750% to 9.50% depending on the loan amount and credit score|
|Repayment period||Maximum 20 years|
Nil for a loan up to Rs. 35.00 lakhs
Rs. 10000/- for loan above Rs. 35.00 lakhs to Rs.50.00 lakhs
Rs. 20000/- for loanloans above Rs.50.00 lakhs and up to Rs.70.00 lakhs
Rs. 10000/- for the loan taken over from other financial institutions
This scheme was introduced specially for the Economically Weaker Section, Low Income and Middle Income Groups.
The features of this scheme are:
|Income Group||Maximum income of the household per year||Carpet area||Subsidy for the maximum amount||Percentage of Interest subsidy||Maximum Subsidy|
|EWS/LIG||Up to Rs. 600000/-||No cap||Up to Rs. 600000/-||6.50%||Rs.2.67 lakh|
|MIG I||Rs. 600001 to Rs.900000/-||160||Rs. 600001 to Rs.900000/-||4.00%||Rs. 2.35 lakh|
|MIG II||Rs.900001 to Rs. 1200000/-||200||Rs.900001 to Rs. 1200000/-||3.00%||Rs. 2.30 lakh|
The asset created should have a woman owner in the case of MIG I and MIG II category. If there is no woman member in the family, then the property can be in the name of the male member of the family. However, this stipulation is only for the purchase of a new property and not for construction on an already owned property or for repairs or renovations to the existing house.
Also Read - Types of Home Loans Offered by SBI
The following documents are required for Saraswat Home Loan.
Also Read - Documents Required for SBI Home Loan
You can Calculate the EMI for Saraswat Bank Home Loan using the EMI calculator available on the website of MyMoneyMantra.
Applying for Saraswat Bank Home Loan through the website is very simple. You will have to access the MyMoneyMantra website and complete the simple loan application by providing the details mentioned below.
Also Read - How to Apply for Home Loan with Low Income?
Apply for instant home loan online at Interest Rate starting from as low as 8.25% p.a. Pay EMI of just Rs. 751 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.
The maximum loan amount is based on the credit score and the employment type, and the project cost.
85% of the project cost plus stamp duty and registration charges or 70 times the average net take-home salary for the last three months, whichever is less with a maximum of Rs.70.00 lakhs.
85% of the project cost plus stamp duty and registration charges or 65 times the average net take-home salary for the last three months, whichever is less, with a maximum of Rs.70.00 lakhs
Five times the average gross cash accruals for the last three years or 85% of the project cost plus stamp duty and registration charges, whichever is less, with a maximum of Rs.70.00 lakhs
The turnaround time for the loan processing could be between 8 to 15 days, depending on the perfection of documents submitted.
The processing fee applicable will be based on the loan amount. The 25% discount on the processing fee offer is valid till 31st December 2021, and the rates are as given below:
For loans up to Rs. 35.00 lakhs: Nil
For loans above Rs. 35.00 lakhs and up to Rs. 50.00 lakhs: Rs. 10000/-
For loans above Rs. 50.00 lakhs and up to Rs.70.00 lakhs: Rs. 20000/-
For taking over loans: Rs. 10000/-
The processing fee will be waived if the quantum of the loan is limited to Rs. 35.00 lakhs
Yes. There are several benefits offered by Saraswat Bank, along with a home loan. If you avail of a loan under the Vastu Siddhi Home Loan, you will be eligible for the following offers.
Pre-sanctioned Credit Cards
For all Vastu Siddhi Home Loan applicants, pre-sanctioned credit cards with a limit depending o the loan amount availed.
For loan amounts up to Rs. 25.00 lakhs: Credit limit of Rs. 50000/-
For loan amounts above Rs.25.00 lakhs and up to Rs. 50.00 lakhs: Credit limit of Rs. 1.00 lakh
For loan amounts above Rs. 50.00 lakhs and up to Rs. 70.00 lakhs: Credit limit of Rs. 2.00 lakhs.
The security required for Saraswat Home Loan will be